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Canada’s Inflation Climbs to 2.4% as Gas Prices Surge to Record High

  Canada’s inflation rate accelerated to 2.4% in March , up from 1.8% in February, as the Iran war triggered the largest monthly gasoline price increase on record . Statistics Canada reported that gas prices surged 21.2% month‑over‑month , a supply‑shock response to Iran’s closure of the Strait of Hormuz and broader Middle East instability.  Energy costs were the dominant driver of March inflation, with overall energy prices rising 3.9% year‑over‑year after a sharp decline the month before. Excluding gasoline, inflation would have eased to 2.2% , highlighting how concentrated the price shock was.  Food inflation offered mixed relief: grocery prices rose 4.4% , while fresh vegetables jumped 7.8% due to difficult growing conditions. Restaurant inflation cooled sharply as last year’s tax‑holiday distortions fell out of the annual comparison.  Economists note that while headline inflation spiked, core measures remained relatively tame , giving the Bank of Canada ro...
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Greece Deploys Salvage Vessel to Red Sea Amid Renewed Houthi Threats

 

In response to escalating maritime threats in the Red Sea, Greece has announced the deployment of a powerful salvage vessel named Giant to assist in emergencies and protect Greek shipping interests following recent Houthi rebel attacks.

Two Greek-operated, Liberia-flagged cargo ships — Magic Seas and Eternity C — were sunk off the coast of Yemen earlier this month after being targeted by Iran-aligned Houthi militants. While the crew of Magic Seas was rescued by a passing vessel, Eternity C’s crew faced a more dire fate: ten were saved in a private mission, five are feared dead, and another ten are reportedly being held by the Houthis.

Shipping Minister Vassilis Kikilias emphasized that the Giant, provided by the Hellenic Association of Tugboat Owners, will “support, protect and assist Greek-owned vessels and Greek seafarers.” The vessel is equipped with four engines delivering 16,000 horsepower, a specialist crew of 14, and capabilities for search and rescue, firefighting, and pollution control. It can accommodate up to 40 individuals and operate in extreme weather conditions.

The move comes amid criticism that the EU’s naval mission, Aspides, lacked presence in the area during the attacks. Greece’s proactive deployment of Giant underscores its commitment to maritime safety and the protection of human life in one of the world’s most volatile shipping corridors.


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